Eureka Energy rejects $107m takeover bid

Aurora made the 45¢ a share offer for all the shares it does not already own in Eureka on Monday.

But Eureka's board on Thursday advised shareholders not to accept the offer, saying it was an opportunistic bid which undervalued the company.

"Eureka notes that trading in its shares following announcement of the offer has been at a premium to the offer price, suggesting that purchasing shareholders similarly believe the offer undervalues the company," Eureka said.